September opened with the Scorecard at market neutral, so I am cutting my size in half and leaning short term. Healthcare, biotech and utilities held up today. Technology, the chips and communications did not.
Short term I have to respect the charts. $QQQ, the Invesco QQQ Trust, is under the trailing stop, under the 21 EMA, under the 50 SMA, MACD below zero, with sell signals on the 2 hour, 30 minute and 15 minute. My target is around $695 unless the bulls take back $714 to $715 quickly.
Here is why I am not bearish underneath that. $QQQ, $SMH, $NVDA, $MU and $AVGO all loaded brand new weekly squeezes, weekly $QQQ reads 13 out of 15, and $SMH reads 12 out of 15. In ten years of trading, the fired weekly squeeze is the setup that has paid me the most. My job now is to stay in one piece until it triggers.
$AAPL, Apple Inc., is the exception worth trading today: new daily squeeze, first MACD shift in about a month. I break down the $315 line, how I would scale in, and my open positions in NVIDIA and Broadcom in the video below.
Stay Focused,
Taylor Horton
TG Watkins built the Moxie Indicator to catch swing moves before the crowd sees them, and he is breaking down exactly how the alerts work in a live session. If you want a systematic way to spot the next leg instead of chasing it, this is worth your seat. Registration is free.